Sacombank Laos inaugurates branch in Champasak

Vientiane (VNA) – The Lao branch of Ho Chi Minh City-based Saigon Thuong Tin Commercial Joint Stock Bank (or Sacombank Laos) inaugurated a branch in Dao Heuang market – the largest trade centre in Pakse township, the Lao province of Champasak, on June 10, as part of efforts to become the leading retail lender in the country.

Speaking at the ceremony, General Director of Sacombank Laos Pham Quang Phu said since its presence in Laos in 2008 with a total registered capital of 12 million USD, the bank has so far raised its chartered capital to 39 million USD.

As of May 31, Sacombank Laos booked assets worth 121.6 million USD and served more than 3,100 corporate and individual clients, he said.

The inauguration of Champasak branch reflects Sacombank Laos’s determination to do long-term business in the country and forms part of its strategy to open branches in all cities and provinces nationwide, he said.

Nah Chantalivong, Director of the Laos State Bank’s southern branch, expressed his belief that the newly-inaugurated Sacombank Laos branch will succeed in the future.

In his speech, Secretary and Governor of Champasak province Bounthong Divisay confidently stated that the Sacombank Laos branch will help improve the lives of southern Lao people, and pledged his strong support for the branch which is expected to be a business model in the province.

On the occasion, Sacombank Laos presented 5,000 USD to the fund in support of disadvantaged people in Champasak and another same amount to the Association of Overseas Vietnamese in Pakse to support victims of Dao Heuang market fire in May.-VNA